News | 06.15.22
Treasury's FinCEN Sends Elder Financial Exploitation Advisory
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) observed World Elder Abuse Awareness Day by asking financial institutions to speak up when they see “red flags.” Life insurers, mutual fund companies and many other financial services providers qualify as financial institutions for FinCEN purposes, and they are supposed to file the same types of suspicious activity reports (SARs) for suspected elder financial exploitation that they would file for suspected money laundering. Financial advisors are not directly responsible for filing SARs, but the companies that do file SARs are supposed to tell advisors how to let them know about potential problems.
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